The Ministry of Foreign Affairs of Georgia (MFA) reports that the Georgia-China Free Trade Agreement has been put on the list of China’s main economic events of 2016. It has been ranked 8th among the top ten events in China.
Georgia-China Free Trade Agreement
By Tea Mariamidze
Friday, January 6
The MFA says that the survey was conducted by the Ministry of Commerce of the People's Republic of China in December 2016.
As reported, the China-United States Commerce and Trade United Commission had been ranked the 1st as a result of the inquiry.
The Ministry of Commerce of the People's Republic of China holds the survey annually in order to reveal the top ten economic events in China.
Georgia and China began discussing the possibility of establishing a free trade regime in September 2015.
The Minister of Commerce of the People’s Republic of China, Gao Hucheng, and then Georgia’s Minister of Economy, Dimitri Kumsishvili, signed the Memorandum on finalizing the Free Trade Deal on October 5, 2016.
Georgian wine, mineral waters and agricultural products are among the goods that will be exported to China and its market of 1.4 billion consumers, with zero tariffs, without additional customs fees and without any transition period.
But before Georgian products can be exported to China with preferential conditions, both countries must sign the Free Trade Deal, and the deal must be officially ratified.
Once the deal is ratified by both countries, the Free Trade Deal will come into effect. This is expected to happen in the middle of 2017.
The MFA says Georgia is the first country in the region which will have a free trade agreement with China.